Investors had expected the markets to wobble in the wake of the Federal Reserve's sharp interest rate cut, but what they saw was a calm market. However, that calm could quickly dissipate. "I don't think this calm will last long," said Brian Jacobsen, chief economist at Annex Wealth Management, noting that a reversal in equities late that night could indicate that stocks are expected to be weak, "unless we get some data that gives a clear sense of direction." Mr. Jacobsen said the market would be watching upcoming data, such as Thursday's initial jobless claims. "The Fed is clearly in catch-up mode and trying to make up for lost time with the rate cuts it just implemented," Mr. Jacobsen said.